SAN JOSE — An enormous workplace constructing in north San Jose has been purchased by a household of California billionaires in a deal price greater than $80 million, a transaction that hints at sturdy curiosity in Silicon Valley actual property.
The workplace constructing, situated at 350 Holger Approach, was purchased by an affiliate headed up by Stewart Resnick and his spouse Lynda Resnick, Los Angeles-area billionaires who’re the founders of The Great Co. In 2018, Stewart Resnick was reported to be one of many nation’s wealthiest farmers.
The Resnick-controlled affiliate purchased the constructing in a deal price about 84.9 million, together with the worth paid for the constructing in addition to a mortgage that the billionaires assumed as a part of their buy, in keeping with paperwork filed on Nov. 23 with the Santa Clara County Recorder’s Workplace.
The brand new house owners paid $54 million for the property and assumed a Wells Fargo-provided mortgage totaling $30 million, the county property data present. State enterprise data present the affiliate relies on the headquarters of The Great Co. and that the affiliate’s accountable officer is the treasurer of The Great Co.
The constructing totals 96,500 sq. toes and is three tales excessive, in keeping with the LoopNet industrial property itemizing service.
In 2021, an affiliate of Thor Equities purchased the constructing for $50.5 million. Excluding the impact of the mortgage, which means the worth of the constructing has risen 6.9% over a span of just below two years.
Stewart Resnick and Lynda Resnick are the co-owners and co-founders of The Great Co., which is a $5 billion privately held firm that gives “prime quality, wholesome manufacturers,” in keeping with a publish on the corporate’s web site.
The Resnicks are also reported to personal an enormous chunk of the nation’s pistachio crop.
“The Great Co. is the world’s largest grower of tree nuts, America’s largest citrus grower, and the world’s largest flower supply service,” in keeping with a publish on the corporate’s web site.
The corporate’s manufacturers additionally embody Fiji Water, a preferred bottled water providing.
The Resnicks’ first acquisition got here in 1979 once they purchased Teleflora, the large flower supply service. Over the many years, the entrepreneurs added an array of purchases. The Resnicks additionally personal Landmark Vineyards, a vineyard and property with 240 acres within the Sonoma County city of Kenwood.
“We develop, harvest, bottle, bundle, and market a various vary of merchandise, together with fruits, nuts, flowers, water, wines and juices,” Great Co. states on its web site.